The product Money Market Account from Dearborn Federal Savings Bank with 0.10% APY and $2,500 minimum deposit and a tax rate of 30 compounded annually, with an initial amount of $20,000, after 10 years would have grown your savings to approximately $20,201. The interest earned would be $201 and the tax amount on the interest earned would be approximately $60.
Please note that this product is available in Michigan and this analysis assumes a constant interest rate and doesn't take into account any fees associated with the savings account.
This analysis is for demonstrative purposes only and may change should certain assumptions prove incorrect. Savings rates may change and CD rates may not be renewable for the length of the term of the analysis. The difference between the bank rate entered and the average rate may not remain constant throughout the term.
| Rate: 0.23% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 45 | 32 |
| 2 | 20,045 | 45 | 32 |
| 3 | 20,090 | 45 | 32 |
| 4 | 20,135 | 45 | 32 |
| 5 | 20,181 | 45 | 32 |
| 6 | 20,226 | 46 | 32 |
| 7 | 20,272 | 46 | 32 |
| 8 | 20,317 | 46 | 32 |
| 9 | 20,363 | 46 | 32 |
| 10 | 20,409 | 46 | 32 |
| TOTAL: | $455 | $318 |
| Rate: 0.10% |
Annual Interest |
Annual Interest (After Tax) |
|
|---|---|---|---|
| 1 | 20,000 | 20 | 14 |
| 2 | 20,020 | 20 | 14 |
| 3 | 20,040 | 20 | 14 |
| 4 | 20,060 | 20 | 14 |
| 5 | 20,080 | 20 | 14 |
| 6 | 20,100 | 20 | 14 |
| 7 | 20,120 | 20 | 14 |
| 8 | 20,140 | 20 | 14 |
| 9 | 20,161 | 20 | 14 |
| 10 | 20,181 | 20 | 14 |
| TOTAL: | $201 | $141 |
The accounts below offer some of the best rates in the country can be opened online, and are available nationally. As the calculator shows, changing accounts to earn a higher interest rate can really add up over time.
| ONLINE BANKS | APY? | MIN? | ||
|---|---|---|---|---|
|
|
5.00% |
$50,000 |
Learn More | |
|
Last change: ↑0.25% on October 28. |
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|
|
5.00% |
$500 |
Learn More | |
|
Last change: ↑3.00% on August 7. |
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|
|
4.91% |
$25,000 |
Learn More | |
|
Last change: ↓0.09% on October 17. |
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|
|
4.90% |
$10,000 |
Learn More | |
|
Last change: ↓0.15% on September 6. |
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|
|
4.90% |
$500 |
Learn More | |
|
Last change: ↓0.05% on September 27. |
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Customer Reviews for Dearborn Federal Savings Bank
Braden
February 1, 2023 |
Absolutely most horrible experience in my life I opened a large CD when I was living in Dearborn and let the interest accrue for about 6 years I knew how much the interest rate was and how much was in the account I made an appointment and went in and sat with the manager who was new she was very arrogant and did not want to give me any of my money back and basically said to me if you want any of your money back or willing to give you the initial amount you invested and that is all and that is actually what I walked away with after having it entrusted with their financial institution for 6 years
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